Continues CORE’s Focus to Build a Leading Pharmaceutical Packaging Business
CORE Industrial Partners (“CORE”), a Chicago-based private equity firm, announced today the acquisition of MedLit Graphics (“MedLit” or the “Company”), a leading provider of packaging and labeling solutions for the pharmaceutical industry, by CORE portfolio company TCG Legacy, based in Raleigh, North Carolina.
Based in Windsor, NJ, MedLit is a full-service provider of packaging and labeling solutions for a broad base of customers in the pharmaceutical industry. The Company’s comprehensive product offering includes inserts & outserts, labels, medication guides, and folded cartons. MedLit utilizes a leading line of sophisticated packaging equipment to provide quick turnaround times in addition to excellent customer service. MedLit leverages advanced electronic vision inspection systems and optical character recognition software to adhere to stringent quality control standards and offers its pharmaceutical customers an end-to-end guarantee on quality.
Together, MedLit and TCG Legacy will have more than 80,000 square feet of production space across two manufacturing facilities in New Jersey and North Carolina, creating a robust platform that serves both brand-name and generic pharmaceutical companies. The combination will expand the overall scope and breadth of capabilities to service both production and marketing applications for pharmaceutical customers.
Frank Papa, Senior Partner of CORE, said, “MedLit and TCG Legacy are highly complementary players in the printing and packaging space. The MedLit team’s extensive knowledge of the broader pharmaceutical industry, state-of-the-art equipment, and complementary product portfolio will enhance TCG Legacy’s ability to serve pharmaceutical customers as we continue to build a leading printing and packaging franchise focused on pharmaceutical and healthcare end markets. This acquisition significantly expands TCG Legacy’s packaging capabilities for pharmaceutical production applications, and we’ll continue to actively pursue acquisitions, similar to MedLit, that simultaneously broaden our customer base, enhance our service offering and deepen our presence in the attractive pharmaceutical and healthcare end markets.”
Lakshman Samala and Rao Ponugoti, Co-Presidents of MedLit, said, “Since MedLit’s inception, we’ve been committed to providing outstanding speed, quality, and service for our customers with the goal of building the business into a leader in pharmaceutical packaging. We’ve now reached a critical turning point in our growth trajectory, and we believe that leveraging TCG Legacy’s complementary capabilities will yield immediate benefits for our customers and will help us take MedLit to the next level.”
Winston & Strawn LLP provided legal representation to CORE and TCG Legacy in the transaction. Sperry, Mitchell & Company served as exclusive financial advisor to MedLit.
ABOUT CORE INDUSTRIAL PARTNERS:
CORE Industrial Partners is a Chicago-based private equity firm with more than $700 million of capital commitments investing in North American lower middle-market manufacturing, industrial technology and services businesses. CORE’s team is comprised of highly experienced former CEOs and investment professionals with shared beliefs, deep experience, and a proven track record of building market-leading businesses. Through our capital, insight, and operational expertise, CORE partners with management teams and strives to build best-in-class companies with lasting results. For more information, visit www.coreipfund.com.
ABOUT MEDLIT GRAPHICS:
MedLit Graphics is a leading provider of packaging & labeling solutions to the pharmaceutical industry. The Company’s comprehensive product offering includes outserts & inserts, container / product labels, medication guides, and folding cartons. Based in Windsor, NJ, MedLit operates a premier line of sophisticated packaging equipment that enables the Company to provide high-quality products to customers on short lead times. For more information, visit www.medlitgraphics.com.
ABOUT TCG LEGACY:
TCG Legacy is a full-service marketing solutions provider offering a broad range of cross-media marketing, graphics, printing and packaging services. TCG Legacy primarily serves the pharmaceutical and higher education end markets, including specialized pharmaceutical application providers and some of the most prestigious higher education institutions in the United States, from its manufacturing facility in Raleigh, North Carolina. For more information, visit www.tcglegacy.com.